Need to transfer money from Ireland to Australia or the other way round?? I’ve got you covered.
All Irish people who move to Australia from Ireland on a working holiday visa will need to send money from their old Irish bank account to their new Australian bank account.
Or maybe you need to send money to a family member who has moved to Australia.
Whether you are on a working holiday visa or moving here permanently, this guide will help you transfer money from Ireland to Australia the cheapest way.
My Facebook page Irish Around Oz, gets enquiries all the time from people asking:
What is the best way to send money from Ireland to Oz?
What is the safest and fast way to send money from Australia to Ireland or the other way round!?
My number one recommendation:
OFX – Fantastic for larger money transfers over the $5k mark. Currencyfair is excellent, but with OFX, you get a more dedicated broker who can offer advice on the rate and best time to transfer, which means more money in your pocket at the end of the day.
Currencyfair – Get your first ten transfers for free with this link. Up to 8x cheaper than banks and an Irish company
Transferwise – Simple, easy to use and often has excellent rates! You can see the main differences between Currencyfair vs Transferwise here.
Okay, thanks for the links Stephen but why shouldn’t I use banks to send money from Australia?
Here is what happened to me when I went to transfer money from Ireland to Australia:
- When I first moved to Australia, the mistake I made was sending it via my bank! I figured I would get a reasonable rate, and it is probably the easiest.
- I didn’t realise that banks could charge between 4% – 6% on the exchange rate(yes, that much!).
I also paid about €20 in “Sending fees.”
- Not only that, but when I got the money in my new commonwealth bank account, I had to pay a receiving fee from an international bank transfer.
- So my hard-earned €3000 transfer to Australia had accumulated over €100 in bank fees when you include the sending/receiving fees and the crazy % they charge on the exchange rate.
- Of course, I didn’t care; I needed the money and frankly thought it was the only way to send money from Ireland to Australia.
About one week later, my buddy, Ian, told me about CurrencyFair, an Irish company that he used to transfer money from Ireland to Australia a few months previous.
- He explained how you send money to CurrencyFair’s local bank account and then exchange it on the marketplace for whatever currency you need. In my case, Australian dollars.
- Then you send it to your bank account from their local bank.
- Basically, you don’t pay any sending or receiving fees(which is excellent!)
- But I still had reservations; it only took me a few minutes to set up the money transfer from Ireland to Australia with my bank. I don’t mind the fees, and this CurrencyFair thingy sounds complicated.
- Then he mentioned the exchange rate, which they charge less than around 0.35% versus 4-6% with banks!!
- I went to their calculator to see how much more I would have saved if I had used them with my €3000, and
- The average person who moves to Australia on a working holiday visa for two years sends money from Ireland to Australia or from Australia to Ireland up to five times!
- So it makes a lot of sense to use CurrencyFair versus your bank. Once you are set up, it literally takes three clicks to transfer money from Australia to Ireland.
Over the years, I have recommended CurrencyFair as the cheapest way to transfer money from Ireland to Australia.
Thankfully many of you reading this have not yet lost out on the crazy bank fees.
I am happy to let you know that you will get your first ten transfers for free if you sign up with this link.
They have a meagre €3 transfer fee after the transfers are finished, still handy to get some free transfers when you send your money from Ireland to Australia.
What other options are there to transfer money from Ireland to Australia?
As you will see from above, CurrencyFair is my personal go-to for sending money to Australia or anywhere for that matter.
But sometimes, you need a more personal approach with a dedicated broker who can offer advice on when to transfer, how the exchange rate is doing etc.
Or you might just be sending a lot of money home from Ireland to Australia(€10k+), and you want to speak to someone.
This is why my second recommendation would be OFX(Ozforex); they offer fast & secure international money transfers and better FX rates than your bank. If you sign up with them here, you get no transaction fees over $1000AU for life for all Irish Around Oz readers.
Many people in my Facebook group for Irish ex-pats returning to Ireland are transferring money home from a house sale in Australia or the other way round. I highly recommend you deal with a broker versus using banks or a money transfer service in those cases.
Final thoughts on the cheapest way to transfer money from Ireland to Australia
Can I still use banks to send money from Ireland to Australia? Of course.
But think about it, you are giving them additional money in the form of fees for zero benefits.
I hope this information has been helpful to you and you have saved on international money transfers.
Before you go:
Sign up to CurrencyFair now with our link and reserve your first ten transfers!
Sign up to OFX now with our link and get free transfers for life over $1000
Transferwise – Another popular money transfer service that offers excellent rates. You can read my comparison between Currencyfair Vs Transferwise here.
Thanks for reading, and good luck moving to Australia!
P.S Many more fantastic services on my resources page.